Growth Among Loss

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Over the last 170 years, GDP per capita in the United States has increased 20-fold. A 20-fold increase in our standard of living is absolutely remarkable. What you are just witnessing is the normal path of progress. And economies and markets and careers often follow a similar path.

Getting rich and staying rich are two different skills. They are often conflicting skills, so many people focus on one or the other.

But you need both to do well over time.

This episode tells a 100-year-old story of two investors, neither of whom knew each other, but whose fates converged during the same week in the 1920s.

It shows why a barbell personality of optimistic on one hand, and paranoid on the other, is vital to success.